FRANCE - France awaits Islamic finance

BELIEVING IN SHARIAH BANKING DID NOT YET TRANSLATE INTO A WORKABLE FRENCH SECTOR

For more than 20 years, French banks have offered their expertise in financing operations (BNP Paribas Najmah, Crdit Agricole) for top companies or government projects in the GCC region. They are although a major actor of the Takaful industry (AXA, SCOR). If French companies were able to provide solutions abroad, it nevertheless appears that the only country where there are not yet operating in is, of all places, France. But thats about to change.

FIRST FRENCH PRODUCTS IN ISLAMIC FINANCE In 2007, the French regulator, namely the AMF, was the first to move forward when it published a regulatory instruction concerning funds. At this time, Islamic finance was unknown in France but lead by the French banks, the AMF introduced a little revolution by authorizing funds to use non-financial criteria in their fund management constraints. In order to be fully Shari'ah compliant, it added to the rule the possibility for funds to distribute at most 10% of their annual benefits to a third party which would not be part of the fund shareholders but regulated under the French law. This allowed funds to give non-Shari'ah benefits to charity organisations at the end of each business year. Following the introduction of this new rule, 14 Islamic funds and trackers have been listed in Paris since then and many more are in the process of being listed.  (source)

FRANCE - EVENTS - Strong French participation in the KLIFF 2011 Malaysia

ambaframce.my.org - With the support of the French Institute and the Embassy of France in Malaysia, the Malaysia-France University Centre was able to bring a group of French specialists in Islamic finance for this important event: Anouar Assoune, Real Economy Partners, Laurent Weill and Ibrahim Cekici, University of Strasbourg, Kaouther Jouaber, University Paris Dauphine, Dhafer Saidane, University of Lille, Pierre-Charles Pradier, University Paris 1 Sorbonne, Cedomir Nestorovic, ESSEC Business School.  (source)

EUROPE - Growth of “Shariah-Compliant” banking in Europe

The European Union is emerging as a major centre of Islamic finance, based on Islamic Shariah law.

The spectacular growth prospects for the Islamic financial services industry in many European countries is being fuelled by Muslim mass immigration; despite a difficult economic climate on the continent, Islamic banking is growing faster in Britain, France and Germany than it is in many Islamic countries in the Middle East and Asia.

The key role that Europe is playing in establishing Islamic finance in the West was the central theme of the 8th Islamic Financial Services Board Summit, an annual conference that promotes Islamic banking around the world. Hosted by the Central Bank of Luxembourg from May 10-13, 2011, it was the first time the event was held in a European country. (source)

OPINION - EUROPE - Islamic "Shariah-Compliant" Banking Takes Root in Europe

The European Union is emerging as a major center of Islamic finance, based on Islamic Shariah law, and which critics say amounts to "financial Jihad" by Islamists intent on Islamifying the West.

The spectacular growth prospects for the Islamic financial services industry in many European countries is being fuelled by Muslim mass immigration; despite a difficult economic climate on the continent, Islamic banking is growing faster in Britain, France and Germany than it is in many Islamic countries in the Middle East and Asia.(full story)